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2019-11-06 13:10:00

OIL PRICE: NOT ABOVE $63

OIL PRICE: NOT ABOVE $63

REUTERS - Oil prices fell on Wednesday, pulled down by a larger-than-expected build in U.S. crude stocks, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions.

Brent crude futures LCOc1 stood at $62.58 a barrel by 0738 GMT, down 38 cents, or 0.6%. Brent settled up 1.3% on Tuesday.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 30 cents, or 0.5%, to $56.93 per barrel, having closed up 1.2% in the previous session.

U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts' forecast for an increase of 1.5 million barrels.

Official data from the Energy Information Administration (EIA) is due later on Wednesday.

"This morning's price action suggests that Asia is being more circumspect about oil and is concerned that bearish news was ignored entirely overnight," said Jeffrey Halley, a senior market analyst at OANDA.

However, hopes remain for a breakthrough on trade in talks between the United States and China, the world's two biggest oil consumers, keeping price falls in check.

As part of a 'Phase One' U.S.-China trade deal, China is pushing President Donald Trump to drop more tariffs imposed on Beijing, say people familiar with the negotiations.

"Investors will continue to take cues from U.S.-China trade talks," ANZ Research said in a note.

Looking ahead, next year's oil market outlook may have upside potential, Mohammad Barkindo, the secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday.

But in the next five years, OPEC will supply a diminishing amount of oil, squeezed by rising U.S. shale output and other rival sources, according to the oil producer group's 2019 World Oil Outlook.

OPEC and its partners, including Russia, previously agreed to cut oil production by 1.2 million barrels a day until March 2020. They will meet in early December to review output policy.

-----


Earlier:

OIL PRICE: NOT ABOVE $63
2019, November, 5, 15:00:00
OIL PRICE: NEAR $63
Brent was up 66 cents, or 1%, at $62.79 a barrel, WTI rose 48 cents, or 0.8%, to $57.02 a barrel.
OIL PRICE: NOT ABOVE $63
2019, November, 1, 14:25:00
OIL PRICE: NEAR $60 ANEW
Brent crude was up 27 cents, or 0.4%, at $59.89 a barrel, West Texas Intermediate crude rose 32 cents to $54.50 a barrel,
OIL PRICE: NOT ABOVE $63
2019, October, 30, 10:25:00
OIL PRICE: NOT ABOVE $62 ANEW
Brent crude was down 18 cents, or 0.3%, at $61.41 a barrel, WTI crude was down 27 cents, or 0.5%, at $55.27 a barrel,
OIL PRICE: NOT ABOVE $63
2019, October, 28, 14:20:00
OIL PRICE: NOT ABOVE $62
Brent crude was down 32 cents, or 0.‮‮5‬‬%, at $61.7‮‮0‬‬ a barrel by ‮‮0‬‬933 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20. West Texas Intermediate (WTI) crude was down 33 cents, or 0.6%, at $56.33 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
OIL PRICE: NOT ABOVE $63
2019, October, 25, 10:30:00
OIL PRICE: ABOVE $61
Brent was down 18 cents, or 0.3%, at $61.49, WTI was down 21 cents, or 0.4%, at $56.02.
OIL PRICE: NOT ABOVE $63
2019, October, 23, 12:50:00
OIL PRICE: NEAR $59 AGAIN
Brent were down 25 cents, or 0.43%, to $59.45 a barrel , WTI for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel
OIL PRICE: NOT ABOVE $63
2019, October, 21, 13:55:00
OIL PRICE: NEAR $59 YET
Brent crude LCOc1 was down 57 cents at $58.85 a barrel, WTI crude oil CLc1 declined 39 cents to $53.39 a barrel.
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OIL PRICE: NOT ABOVE $63
2022, May, 27, 12:00:00
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U.S. commercial crude oil inventories decreased by 1.0 million barrels to 419.8 million barrels.
OIL PRICE: NOT ABOVE $63
2022, May, 26, 12:40:00
OIL PRICE: BRENT ABOVE $114, WTI NEAR $111
Brent gained 47 cents, or 0.41%, to $114.50 a barrel , WTI climbed 53 cents, or 0.48%, to $110.86 a barrel.
OIL PRICE: NOT ABOVE $63
2022, May, 26, 12:35:00
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